Salford house prices increased more than North West average in February
House prices increased by 1.9% – more than the average for the North West – in Salford in February, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.3% annual growth.
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Hide AdThe average Salford house price in February was £203,773, Land Registry figures show – a 1.9% increase on January.
Over the month, the picture was similar to that across the North West, where prices increased 1.6%, and Salford outperformed the 0.5% rise for the UK as a whole.
Over the last year, the average sale price of property in Salford rose by £21,000 – putting the area 17th among the North West’s 39 local authorities with price data for annual growth.
The best annual growth in the region was in Hyndburn, where property prices increased on average by 19.2%, to £124,000. At the other end of the scale, properties in Fylde gained just 3.7% in value, giving an average price of £218,000.
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Hide AdWinners and Losers
Owners of flats saw the biggest improvement in property prices in Salford in February – they increased 2.1%, to £158,779 on average. Over the last year, prices rose by 9.7%.
Among other types of property:
Detached: up 2.1% monthly; up 15.4% annually; £385,600 averageSemi-detached: up 1.8% monthly; up 12.1% annually; £245,876 averageTerraced: up 1.7% monthly; up 10.2% annually; £180,996 average
First steps on the property ladder
First-time buyers in Salford spent an average of £179,000 on their property – £18,000 more than a year ago, and £47,000 more than in February 2017.
By comparison, former owner-occupiers paid £227,000 on average in February – 26.5% more than first-time buyers.
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Hide AdHow do property prices in Salford compare?
Buyers paid roughly the same as the average price in the North West (£204,000) in February for a property in Salford. Across the North West, property prices are roughly the same as those across the UK, where the average cost £277,000.
The most expensive properties in the North West were in Trafford – £351,000 on average, and 1.7 times as much as more than in Salford. Trafford properties cost 3.1 times as much as homes in Burnley (£112,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in February
Salford: £203,773The North West:£203,538UK: £276,755
Annual growth to February
Salford: +11.3%The North West: +10.2%UK: +10.9%
Best and worst annual growth in the North West
Hyndburn: +19.2%Fylde: +3.7%